U3O8 Corp. Files NI 43-101 Report on the Kurupung Uranium Project, Guyana & Provides Update on Other Projects

U3O8 Corp. (TSX VENTURE:UWE)(OTCQX:UWEFF), a Canadian-based company focused on
exploration and resource expansion of uranium and associated commodities in
South America, reports the filing of the technical report on the uranium
deposits in the Kurupung Project in Guyana prepared in accordance with National
Instrument 43-101 ("NI 43-101"), following the company's press release on May
23, 2012.


"With this expanded resource from the Kurupung, we have grown our NI 43-101
uranium portfolio nearly 7-fold in just over one year while defining maiden
resources of phosphate, vanadium, rare earths and other metals (Table 1)," said
Dr. Richard Spencer, U3O8 Corp's President and CEO. "Positive metallurgical
results have also been achieved on all of our projects. 2012 is expected to be
another milestone year with the priority on the Berlin Project in Colombia where
we can efficiently use our cash to build shareholder value. Key objectives for
Berlin are: ongoing drilling to show the size potential of the entire
mineralized trend; infill drilling to increase the resource; refine the
metallurgical process developed to extract multiple commodities from the ore;
and complete a preliminary economic assessment by year-end."


Dr. Spencer added, "On the regulatory front, U3O8 Corp. benefits from operating
in different jurisdictions; and governments continue to be supportive of our
projects in Colombia and Guyana. These countries encourage foreign investment as
evidenced by Colombia's free trade agreements with Canada and the USA. Guyana is
also working towards free trade relations with Canada. In relation to our Laguna
Salada deposit in Chubut Province, Argentina, we are monitoring proposed changes
to the provincial mining law. A draft mining law has been tabled for debate in
the Provincial Legislature that proposes a high tax burden on mining projects.
We note that uranium is to be considered a strategic commodity and provisions
are contemplated to encourage the development of uranium mines that could fuel
Argentina's growing nuclear power generation capacity."


Table 1 - U3O8 Corp's Mineral Resources in Guyana, Colombia & Argentina(1) 



                                                                    
--------------------------------------------------------------------
                                                                    
                                                                    
Project                              NI 43-101      Tonnes   Grade  
                               -------------------------------------
                                      Resource   (million)     U3O8 
--------------------------------------------------------------------
Kurupung Project                     Indicated         4.1     0.09%
                               -------------------------------------
(Guyana)                              Inferred         4.3     0.08%
--------------------------------------------------------------------
Berlin Project                       Indicated         0.6     0.11%
                               -------------------------------------
(Colombia)                            Inferred         8.1     0.11%
--------------------------------------------------------------------
Laguna Salada                        Indicated        47.3    60ppm 
                               -------------------------------------
(Argentina)                           Inferred        20.8    85ppm 
--------------------------------------------------------------------

                                                                       
-----------------------------------------------------------------------
                                            Contained in Resource (Mlb)
                                           ----------------------------
Project                            Grade    Uranium  Vanadium Phosphate
                               ----------------------------------------
                                 V2O5 P2O5     U3O8      V2O5      P2O5
-----------------------------------------------------------------------
Kurupung Project                   --   --      8.4        --        --
                               ----------------------------------------
(Guyana)                           --   --      7.7        --        --
-----------------------------------------------------------------------
Berlin Project                     --   --      1.5        --        --
                               ----------------------------------------
(Colombia)                        0.5% 9.3%    19.9      97.0       0.8
-----------------------------------------------------------------------
Laguna Salada                  550ppm   --      6.3      57.1        --
                               ----------------------------------------
(Argentina)                    590ppm   --      3.8      26.9        --
-----------------------------------------------------------------------
Laguna Salada - uranium and vanadium grades can be increased between 3 and  
11 times by screening the coarse pebbles from the fine, uranium-vanadium -  
bearing sandy material. For uranium, this would lead to a head grade of     
about 620-670ppm U3O8from free-digging mineralization that lies at surface  
(see September 21, 2011 press release).                                     



Kurupung Uranium Deposits

U3O8 Corp's resource drilling has defined four uranium deposits in the Aricheng
South, Aricheng North, Aricheng West and Aricheng C zones of the Kurupung
Project (Table 2). Another six mineralized areas are ready for infill drilling
in due course - highlighting that the Kurupung could host a large uranium system
comparable in size to other peer deposits such as Coles Hill in Virginia,
Michelin in Labrador and Valhalla in Australia.


Table 2 - Summary of the Four Deposits in the Aricheng Area 



                                                                           
---------------------------------------------------------------------------
                                                                           
                                NI 43-101     Tonnes      Grade  Contained 
Deposit                          Resource  (million)  (% U3O8)  U3O8(mlb)  
---------------------------------------------------------------------------
                                Indicated        1.9       0.09        3.7 
Aricheng South                                                             
                                 Inferred        0.4       0.09        0.8 
---------------------------------------------------------------------------
                                Indicated        0.8       0.12        2.1 
Aricheng North                                                             
                                 Inferred        0.2       0.11        0.5 
---------------------------------------------------------------------------
                                Indicated        0.7       0.08        1.4 
Aricheng West                                                              
                                 Inferred        2.5       0.07        4.0 
---------------------------------------------------------------------------
                                Indicated        0.7       0.08        1.2 
Aricheng C                                                                 
                                 Inferred        1.1       0.09        2.3 
---------------------------------------------------------------------------

                                                                         
-------------------------------------------------------------------------
                               Strike  Vertical  Min. to Max.     Average
                               Length     Depth    True Width  True Width
Deposit                           (m)       (m)           (m)         (m)
-------------------------------------------------------------------------
                                                                         
Aricheng South                    320       230       4 to 34         8.5
                                                                         
-------------------------------------------------------------------------
                                                                         
Aricheng North                   1200       190     1.5 to 22         5.6
                                                                         
-------------------------------------------------------------------------
                                                                         
Aricheng West                    1000       340       2 to 18         4.8
                                                                         
-------------------------------------------------------------------------
                                                                         
Aricheng C                        400       235       2 to 30         5.6
                                                                         
-------------------------------------------------------------------------



Mineralization - As is typical of all the Kurupung structures, uranium in the
four Aricheng deposits starts in the near-surface saprolite, or soft clay layer,
and extends to a maximum depth of 340 metres ("m") in hard-rock mineralization.
The saprolite layer extends from surface to a depth of between 20m and 80m over
the project area. Therefore, mining in the Kurupung could potentially use
low-cost, open pit methods for extraction of near-surface mineralization where
no blasting is required in the saprolite layer, combined with underground mining
of the deeper mineralization in the stable, granitic host-rock.


Uranium in the Aricheng deposits is generally contained in near-vertical shoots
in which uranium is typically concentrated in 200m long segments of the
vein-breccias. The uranium-bearing zones are associated with albite, chlorite
and hematite alteration. None of the deposits have been completely drilled out
and mineralization is still open at depth and along strike.


Exploration Plan - Field evidence suggests that uranium in the Aricheng area of
the Kurupung Project consists of one large system of linked structures, which
could have positive implications for resource growth potential. Most uranium
found to date, including the Aricheng South, Aricheng West, Aricheng North and
Aricheng C resources, lies within weakly magnetic corridors. This feature of the
Kurupung Project provides a simple exploration tool for the identification of
other targets which are currently undergoing field investigation with the aim of
adding to the inventory of mineralized structures for future resource expansion.


The NI 43-101 Technical Report is dated June 26, 2012 and titled "Technical
Review and Mineral Resource Estimates of the Aricheng C and Aricheng West
Structures, Kurupung Uranium Project, Mazaruni District, Guyana for U3O8 Corp.",
which formalizes the reporting of the resources announced in the May 23, 2012
press release. A lower base case cut-off grade of 0.05% U3O8was used for
reporting the resources. Other inputs used in the estimation process are
detailed in the technical report which can be viewed on SEDAR at www.sedar.com.
The report was undertaken by Al Workman, P, Geo., Senior Geologist and
Vice-President, and Kurt Breede, P. Eng., Senior Resource Engineer and Vice
President, Marketing for Watts, Griffis and McOuat Limited, both Qualified
Persons ("QP") within the definition of that term in NI 43-101 of the Canadian
Securities Administrators. Messrs. Workman and Breede have verified and approved
the technical information relating to the Aricheng resources in this release.


All other scientific and technical information contained in this press release
has been prepared under the supervision of, and verified by Dr. Richard Spencer,
P. Geo, President & CEO of U3O8 Corp., a QP within the meaning of NI 43-101.


About U3O8 Corp.

U3O8 Corp. is a Toronto-based exploration company, focused on exploration and
resource expansion of uranium and associated commodities in South America - a
promising new frontier for uranium exploration and development. U3O8 Corp. has
one of the most advanced portfolios of uranium projects in the region comprising
NI 43-101 resources in Guyana, Argentina and Colombia.


(1) Mineral resources - Berlin Project - see the March 2, 2012 technical report:
"Berlin Project, Colombia - National Instrument NI 43-101 Report." Laguna Salada
Project - see the May 20, 2011 technical report: "Laguna Salada Project, Chubut
Province, Argentina: NI 43-101 Technical Report: Initial Resource Estimate." The
above technical reports are available on U3O8 Corp's web site at
www.u3o8corp.com and on SEDAR at www.sedar.com.


Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking
statements that involve substantial known and unknown risks and uncertainties.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of U3O8 Corp., including,
but not limited to, the impact of general economic conditions, industry
conditions, volatility of commodity prices, risks associated with the
uncertainty of exploration results and estimates and that the resource potential
will be achieved on exploration projects, currency fluctuations, dependence upon
regulatory approvals, and the uncertainty of obtaining additional financing and
exploration risk. There is no assurance that the Kurupung resource will grow to
a similar size as peer deposits and that other targets in the Kurupung will add
to U3O8 Corp's resource base. Readers are cautioned that the assumptions used in
the preparation of such information, although considered reasonable at the time
of preparation, may prove to be imprecise and, as such, undue reliance should
not be placed on forward-looking statements.